PNB Housing Finance Ltd proposes to sanction Rs 550 crore of housing loans in the fiscal 2004-05. The company had sanctioned loans of Rs 350 crore last year.

Addressing presspersons in Chennai, Mr K.G. Sathyasingan, Managing Director, PNB Housing Finance, said the company was working on a "hybrid" product that would combine the essential elements of a floating and fixed rate product.

Currently, the company, offered only floating rate loans, priced at 7.50 per cent. The company had reported a profit after tax of Rs 15.49 crore on a total income of Rs 90.43 crore in the last fiscal.